Quarterly report [Sections 13 or 15(d)]

Income Taxes

v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Taxes  
Income Taxes

14Income Taxes

As of result of the Combination discussed above, the Company acquired operations in Canada. The foreign loss before taxes and the deferred tax expense disclosed below relates to the Company’s new operations in Canada.

For the three months ended March 31, 2025 and 2024, the domestic and foreign components of net loss before income taxes are as follows:

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​

​

​

​

​

​

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Three Months Ended

​

​

March 31, 

​

    

2025

    

2024

United States

​

$

(10,326,992)

​

$

(1,291,335)

Foreign

​

​

(407,418)

​

​

—

Loss before income taxes

​

$

(10,734,410)

​

$

(1,291,335)

​

The Company recorded a deferred tax expense of $190,542 for the three months ended March 31, 2025. There was no deferred tax expense (benefit) for the three months ended March 31, 2024. The components of the deferred tax expense are as follows:

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​

​

​

​

​

​

    

Three Months Ended

​

​

March 31, 

​

    

2025

    

2024

Domestic

​

$

—

​

$

—

Foreign

​

​

190,542

​

​

—

​

​

$

190,542

​

$

—

​

As of December 31, 2024, the Company had U.S. federal net operating loss carryforwards of approximately $36,669,000, which have an indefinite carryforward and Georgia and Florida state net operating loss carryforwards of approximately $44,443,000 and $1,372,000, respectively, which have a twenty-year carryforward and begin expiring in 2037. As of December 31, 2024, the Company had Canadian non-capital loss carryforwards of approximately $25,277,000, which have a twenty year carryforward and begin expiring in 2025 and Hong Kong tax losses carryforwards or approximately $58,126,000 which have no expiry.